Cypriot banks in the aftermath of the Greek haircut

Finance Minister Kikis Kazamias and Central Bank Governor Athanasios Orphanides said that the economic situation of the Cypriot banks is sustainable despite huge losses announced following the haircut of the Greek sovereign debt …
Kazamias and Orphanides met and examined the situation of the Cypriot economy and especially the status of the Cypriot banks following their Greek sovereign debt impairment.

Bank of Cyprus announced last week losses of 1 billion euro, while Cyprus Popular Bank announced losses of 2.5 billion and Hellenic Bank losses of 100 million.

In a statement followuing the meeting of the Cyprus Finance Minister and Governor of the Central Bank of Cyprus, Kikis Kazamias said:

The situation is deemed as sustainable and as the Finance Minister I would like to assure Cyprus’ businesspeople and all those who deal with Cypriot banks and first of all the depositors that the situation does not cause any concern whatsoever

He added that the Republic of Cyprus has in place the necessary legislation to secure their interests in the future. Kazamias noted that the state expects from the banks’ administration to implement their plans for their recapitalisation which “in general will give us the right to assess the situation as sustainable”

Orphanides said the results announced by the Cypriot banks were to be expected following the EU Summit conclusions on 26 October 2011.

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The Cyprus Lawyer

Harris Sharpe is a qualified lawyer practising in Cyprus with extensive experience in corporate and commercial law.

He studied for his Bachelor in Law (LLB) at Leeds Metropolitan University in the UK, he is also a holder of a Masters Degree in International Legal Practise jointly issued by the College of Law (UK) and the International Bar Association.

Harris is a member of:
+ The Cyprus Bar Association
+ The Society of Trust and Estate Practitioners
+ AIJA.

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